Less Means More to Those Paying for Scant Office Space
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Orange County’s office vacancy rate has fallen to 9%, the lowest level since the mid-1980s--bad news if you’re looking for office space.
Grubb & Ellis’ mid-year forecast found that with demand strong throughout the region, prospective tenants can expect to see rents rise as much as 25% or more over the next 18 months.
Contributing to the run-up is a dearth of new office projects. A year ago, the county’s office-vacancy rate was 14%.
The real estate brokerage’s survey found that, through the first quarter, rental rates per square foot rose to $25.08, from $18.36.
Premier buildings with ocean views are asking for prices that rival midtown Manhattan, costing $40.57.
The biggest gainer could be in Central County where space is cheaper than around John Wayne Airport.
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